India's Forex Reserves Rebound Sharply to $697 Billion

India's Forex Reserves Surge to USD 697.121 Billion

The Reserve Bank of India (RBI) reported a significant jump in the country's foreign exchange reserves to USD 697.121 billion for the week ended April 3, 2026. This marks a substantial increase of USD 9.063 billion from the previous week's reserves of USD 688.058 billion.

The RBI's data showed that the overall reserves had dropped by USD 10.288 billion to USD 688.058 billion in the previous reporting week, which ended on March 27. However, the recent surge in reserves brings the total to its highest level since the week ended February 27, when the reserves reached an all-time high of USD 728.494 billion.

The rupee has come under pressure since the start of the West Asia conflict, leading to a depletion of the forex reserves. The RBI has been intervening in the forex market through dollar sales and has taken surprise policy measures to mitigate the fall.

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The RBI's data also revealed that foreign currency assets, a major component of the reserves, increased by USD 1.784 billion to USD 552.856 billion during the week ended April 3. This increase is attributed to the appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

The value of gold reserves increased by USD 7.221 billion to USD 120.742 billion during the week, while the Special Drawing Rights (SDRs) were up USD 58 million to USD 18.707 billion. India's reserve position with the IMF remained unchanged at USD 4.816 billion at the end of the reporting week.